The terms of trade between two countries refer to
A. The terms set by the World Trade Organization for trade.
B. The rules governing trade between the two countries.
C. The amount of good A given up for good B.
D. What price the two countries agree upon for their imports and exports.
Answer: C
Economics
You might also like to view...
The above figure shows the marginal social benefit and marginal social cost curves of coffee in the nation of Kaffenia. There is no external benefit
What is the marginal benefit to the citizen of Kaffenia who consumes the four hundredth pound of coffee each day? A) $1.00 per pound B) $2.00 per pound C) $3.00 per pound D) $4.00 per pound
Economics
When the marginal physical product is rising
A. marginal cost is rising. B. average total cost is increasing. C. total cost is falling. D. marginal cost is falling.
Economics